Technical Analysis
On the daily chart, Bitcoin’s price has tested the $30K level multiple times since breaking above it. However, there are concerning signs of a bearish divergence in the RSI indicator, indicating a potential correction or reversal. If a decline happens, the 50-day and 200-day moving averages at around $28K and $26K could provide support. On the other hand, if the price keeps rising, it could reach the $38K resistance zone.
Key Points:
1. Bitcoin’s price has repeatedly tested the $30K level on the daily chart.
2. A bearish divergence in the RSI indicator suggests a possible correction or reversal.
3. The $28K and $26K marks could act as support levels if a decline occurs.
4. If the price continues to rise, it could reach the $38K resistance zone.
Hot Take:
While Bitcoin’s recent breakout above $30K was significant, the market is now in a consolidation phase with potential signs of a correction. Traders should closely monitor the RSI indicator and the support levels mentioned to gauge future price movements.
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